DealBook Online

Published: June 2, 2011

SMALL VICTORY Even when a criminal defendant wins a case before the United States Supreme Court, there is no guarantee that the person will avoid a conviction and escape serving time in a federal prison, according to White Collar Watch.

Two former chief executives, Conrad M. Black and Jeffrey K. Skilling, have learned that lesson the hard way because of an important legal doctrine called harmless error, which is frequently invoked to uphold convictions in jury trials. PETER J. HENNING

DEFECTIONS The exodus from UBS continued as Citigroup announced on Wednesday that it had hired two top investment bankers from the struggling Swiss institution.

The moves are the latest in a string of defections from UBS, which has lost senior executives as it grapples with limits on compensation. UBS, one of the largest Swiss banks, is still trying to rebuild itself after the financial crisis, during which it lost billions of dollars on soured mortgage bets, leaving itself open to poaching from stronger rivals. MICHAEL J. de la MERCED

ON VIDEO Like die-hard fishermen, serious investors are all too familiar with ''the one that got away.''

David M. Rubenstein, left, co-founder of the Carlyle Group, the international private equity firm, talks to Andrew Ross Sorkin about the deal he missed. MAC WILLIAM BISHOP

TAKEOVER BID Schneider Electric of France announced a $2 billion bid on Wednesday for Telvent of Spain, a provider of information technology software and services for energy, transport and infrastructure systems, in the second deal by the French company this week.

Schneider offered $40 a share for Telvent, 36 percent above the company's average share price on Nasdaq during the last three months. Schneider plans to commence its tender offer in the middle of this month and close the deal in the third quarter. CHRIS V. NICHOLSON